Carbon ratings agency BeZero Carbon has raised $32 million in series C funding.
The round is led by Temasek-founded GenZero, a decarbonisation-focused global investment firm headquartered in Singapore, with additional investment from the Japan Airlines and Translink Innovation Fund. Existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund also committed fresh capital.
BeZero has customers in over 30 countries across six continents, with ratings available on more than 40 platforms including Bloomberg. The BeZero Carbon Markets platform, which enables users to access ratings, data, and scientific analysis for over 480 carbon credit projects, has more than 100 corporate subscribers globally, including UBS, Sumitomo, Emirates NDB, Equinor, Woodside Energy, and ERM.
BeZero says it will be investing the new funds in expanding its ratings coverage for new international projects from the EU and United Nations alongside aviation agencies with the aim of helping channel finance into the climate projects necessary for a sustainable future.
BeZero is headquartered in London. It has subsidiaries in global financial hubs New York and Singapore. BeZero’s co-founder and chief innovation officer, Sebastien Cross, has relocated to Singapore for the coming months.
Tommy Ricketts, CEO and co-founder says:: “Securing a Series C in the current climate is a huge vote of confidence in independent carbon ratings. The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and Corsia, and the voluntary carbon market.”